Internal Tranfer delays
We raised a request and completed our verification 2 weeks ago for an internal transfer approx. USD 180k + and share position from our Joint account to our family company account,
Two weeks later, no transfer and no update on action or review, meanwhile we missed opportunities on buying shares/options and we can’t keep adding to our joint account, due to tax implications.
Even broker-to-broker transfer takes less time.
Meanwhile, we got a similar account transfer for our other Australian brokerage, and a US brokerage account successfully completed.
In the end, we decided to transfer the money from USD to AUD, then moved it out of Interactive Broker, and we are hoping our single position from our joint account, will get transferred or else we will have to sell it and transfer the USD ourselves.
Definitely not a professional company. Below-average service and apps still stuck in the early 2000s
** Update *** –
Interactive Broker thru Trustpilot got in touch asking for more info.
The reason for the rant is due to currency transfer risk ( that runs into 1000s of $ – due to falling USD ), we are facing due transfer from USD to AUD, then moving it out of IBKR to AU bank, only to transfer it back to our company account within IBKR and reconverting it back to USD,
We anticipated this back and forth might cost us and are ok to pay the price if IBKR said no – we don’t support transfer between entities as a response – although it’s possible with other brokers we deal with!
But they gave us this hope that it may or may not be possible however even after 2 weeks they can’t tell us if the transfer can actually happen, their fund transfer team is super slow and lack effective communication, apparently they still in review.
We hope they fix their broken process, and provide prompt and effective communications to their clients, especially when the source and destination are IBKR accounts and all our information is within their system.
Date of experience: August 11, 2023